Oil and gas industry beats demand drum

Bearish market sentiment and bullish long-term outlook for oil and gas consumption prevails at CERAWeek

To mark the start of CERAWeek by S&P Global, executives from across the global energy supply chain came together in Houston, Texas to set the record straight—that oil and gas are here to stay. “We need more energy—lots more energy,” said Chris Wright, US Secretary of Energy, in his opening comments, referring to growing global demand. He noted that energy users in the US require “an average of 13bl of oil per person per year… [while] Africans average less than 1bl”.   His message was unequivocal: energy and economic progress go hand in hand. Wright firmly confirmed that gas is here to stay. “There is no physical way that wind and solar could replace the myriad of uses of natural gas,” he